LENZ Therapeutics (NASDAQ:LENZ) Trading Down 5% – What’s Next?

LENZ Therapeutics, Inc. (NASDAQ:LENZ) dropped 5% during mid-day trading on Thursday . The company traded as low as $21.75 and last traded at $21.77. Approximately 33,626 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 168,950 shares. The stock had previously closed at $22.91.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on LENZ. Raymond James began coverage on shares of LENZ Therapeutics in a report on Friday, September 27th. They set an “outperform” rating and a $37.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $38.00 price target on shares of LENZ Therapeutics in a research note on Thursday, November 7th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $35.40.

LENZ Therapeutics Trading Up 0.4 %

The firm’s fifty day simple moving average is $31.50 and its 200-day simple moving average is $26.34.

LENZ Therapeutics (NASDAQ:LENZ) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.38) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.47) by $0.09. During the same period last year, the business earned ($1.33) earnings per share. On average, sell-side analysts forecast that LENZ Therapeutics, Inc. will post -2.18 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC boosted its stake in LENZ Therapeutics by 20.7% during the 4th quarter. SG Americas Securities LLC now owns 5,458 shares of the company’s stock valued at $158,000 after purchasing an additional 935 shares during the last quarter. Harbor Capital Advisors Inc. bought a new position in LENZ Therapeutics during the 4th quarter valued at $1,270,000. Barclays PLC boosted its holdings in LENZ Therapeutics by 273.1% during the 3rd quarter. Barclays PLC now owns 16,463 shares of the company’s stock worth $391,000 after acquiring an additional 12,051 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of LENZ Therapeutics in the 3rd quarter worth $286,000. Finally, Wellington Management Group LLP bought a new position in shares of LENZ Therapeutics during the third quarter valued at about $585,000. 54.32% of the stock is currently owned by institutional investors and hedge funds.

LENZ Therapeutics Company Profile

LENZ Therapeutics, Inc, a biopharmaceutical company, focuses on developing and commercializing therapies to improve vision in the United States. Its product candidates include LNZ100 and LNZ101 which are in Phase III clinical trials for the treatment of presbyopia. The company is headquartered in Del Mar, California.